Independent Point of View — Brandes Investment Partners is a 100% employee owned firm and its strategies are unhindered by sales quotas or any outside influence that may impede the firm’s pursuit of investment management excellence.

The Brandes International Small Cap Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers with equity market capitalizations of $2.5 billion or less at the time of purchase.

The strategy benchmark is the S&P Developed Ex-U.S. SmallCap Index.

In September 2016 the strategy benchmark changed from gross of withholding tax to net of withholding tax, effective back to the inception date of the strategy. For periods where the net dividend returns are not available gross benchmark returns are used and linked to the net benchmark returns. The change was made to better reflect our expectation for an investor’s actual experience.

Annualized Performance (Net)

THROUGH 31 March 2020 | REPORTING CURRENCY: eur

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

International Small Cap Equity

-23.11%

-13.49%

-5.24%

2.08%

4.85%

4.15%

5.16%

Primary Benchmark (a)

-18.47%

-5.17%

-0.73%

4.50%

6.00%

5.34%

4.11%

Relative Performance

-4.64%

-8.32%

-4.51%

-2.42%

-1.15%

-1.19%

1.05%

Annualized Performance (Gross)

THROUGH 31 March 2020 | REPORTING CURRENCY: eur

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

International Small Cap Equity

-22.50%

-12.73%

-4.40%

2.98%

5.76%

5.07%

6.09%

Primary Benchmark (a)

-18.47%

-5.17%

-0.73%

4.50%

6.00%

5.34%

4.11%

Relative Performance

-4.03%

-7.56%

-3.67%

-1.52%

-0.24%

-0.27%

1.98%

Annual Periods (Net)

THROUGH 31 March 2020 | REPORTING CURRENCY: eur

2019

2018

2017

2016

2015

2014

2013

International Small Cap Equity

10.67%

-15.19%

-1.84%

11.41%

20.67%

12.29%

22.70%

Primary Benchmark (a)

26.70%

-14.73%

15.73%

6.35%

17.64%

9.56%

20.13%

2012

2011

2010

2009

2008

2007

2006

International Small Cap Equity

25.05%

-14.20%

40.98%

61.11%

-38.16%

-15.60%

-1.21%

Primary Benchmark (a)

16.22%

-12.01%

29.76%

40.84%

-45.63%

-3.23%

15.74%

2005

2004

2003

2002

2001

2000

International Small Cap Equity

29.56%

19.54%

34.59%

-16.62%

3.83%

0.32%

Primary Benchmark (a)

39.36%

19.07%

27.81%

-21.59%

-11.09%

-4.16%

Quarterly Performance (Net And Gross)

THROUGH 31 March 2020 | REPORTING CURRENCY: eur

Year

1Q

2Q

3Q

4Q

YTD

2020

NET
GROSS
Primary Benchmark (a)

0
-26.43%0
-26.26%0
-27.54%

-0000000-0000000-0000000

-0000000-0000000-0000000

-0000000-0000000-0000000

0
-26.43%0
-26.26%0
-27.54%

2019

NET
GROSS
Primary Benchmark (a)

-00
5.89%-00
6.11%-0
12.62%

00
-0.90%00
-0.70%-00
1.02%

00
-0.03%-00
0.18%-00
2.65%

-00
5.50%-00
5.65%-00
8.50%

-0
10.67%-0
11.52%-0
26.70%

2018

NET
GROSS
Primary Benchmark (a)

00
-4.75%00
-4.56%00
-3.33%

-00
0.28%-00
0.49%-00
4.13%

00
-1.87%00
-1.67%-00
0.23%

00
-9.51%00
-9.22%0
-15.48%

0
-15.19%0
-14.40%0
-14.73%

2017

NET
GROSS
Primary Benchmark (a)

-00
4.68%-00
4.90%-00
6.24%

00
-3.86%00
-3.66%-00
1.09%

00
-2.13%00
-1.93%-00
3.26%

00
-0.34%00
-0.04%-00
4.36%

00
-1.84%00
-0.94%-0
15.73%

2016

NET
GROSS
Primary Benchmark (a)

00
-1.22%00
-1.02%00
-4.24%

00
-0.28%00
-0.08%-00
1.62%

-00
4.52%-00
4.73%-00
5.95%

-00
8.22%-00
8.54%-00
3.14%

-0
11.41%-0
12.42%-00
6.35%

2015

NET
GROSS
Primary Benchmark (a)

-0
19.24%-0
19.48%-0
17.57%

00
-2.31%00
-2.11%-00
0.56%

00
-4.00%00
-3.80%00
-7.96%

-00
7.91%-00
8.19%-00
8.12%

-0
20.67%-0
21.73%-0
17.64%

2014

NET
GROSS
Primary Benchmark (a)

-00
6.89%-00
7.12%-00
3.66%

-00
5.92%-00
6.14%-00
3.85%

-00
1.07%-00
1.28%-00
0.18%

00
-1.87%00
-1.66%-00
1.59%

-0
12.29%-0
13.23%-00
9.56%

2013

NET
GROSS
Primary Benchmark (a)

-00
8.68%-00
8.92%-00
9.62%

-00
0.48%-00
0.70%00
-4.11%

-00
9.46%-00
9.70%-0
10.08%

-00
2.65%-00
2.87%-00
3.83%

-0
22.70%-0
23.76%-0
20.13%

2012

NET
GROSS
Primary Benchmark (a)

-0
13.47%-0
13.72%-0
10.72%

00
-3.37%00
-3.16%00
-4.18%

-00
7.85%-00
8.09%-00
6.78%

-00
5.75%-00
5.98%-00
2.58%

-0
25.05%-0
26.15%-0
16.22%

2011

NET
GROSS
Primary Benchmark (a)

00
-0.84%00
-0.63%00
-1.28%

00
-5.13%00
-4.92%00
-1.30%

00
-9.45%00
-9.25%0
-13.61%

-00
0.73%-00
0.95%-00
4.53%

0
-14.20%0
-13.45%0
-12.01%

2010

NET
GROSS
Primary Benchmark (a)

-0
18.31%-0
18.57%-0
10.57%

00
-0.43%00
-0.21%00
-1.87%

-00
1.71%-00
1.94%-00
5.85%

-0
17.65%-0
17.90%-0
12.99%

-0
40.98%-0
42.21%-0
29.76%

2009

NET
GROSS
Primary Benchmark (a)

00
-8.26%00
-8.04%00
-6.02%

-0
35.89%-0
36.20%-0
24.93%

-0
27.39%-0
27.67%-0
17.17%

-00
1.44%-00
1.67%-00
2.37%

-0
61.11%-0
62.56%-0
40.84%

2008

NET
GROSS
Primary Benchmark (a)

0
-13.89%0
-13.70%0
-14.00%

00
-7.19%00
-6.98%00
-3.40%

00
-6.28%00
-6.06%0
-14.45%

0
-17.43%0
-17.24%0
-23.49%

0
-38.16%0
-37.58%0
-45.63%

2007

NET
GROSS
Primary Benchmark (a)

-00
3.74%-00
3.99%-00
5.34%

-00
3.71%-00
3.96%-00
4.26%

0
-10.17%00
-9.96%00
-5.55%

0
-12.68%0
-12.48%00
-6.72%

0
-15.60%0
-14.82%00
-3.23%

2006

NET
GROSS
Primary Benchmark (a)

-00
2.35%-00
2.55%-00
9.46%

00
-8.69%00
-8.47%00
-6.31%

-00
4.15%-00
4.40%-00
4.33%

-00
1.50%-00
1.74%-00
8.17%

00
-1.21%00
-0.30%-0
15.74%

2005

NET
GROSS
Primary Benchmark (a)

-0
11.14%-0
11.37%-00
8.45%

-00
5.48%-00
5.81%-00
6.29%

-00
5.90%-00
6.06%-0
11.62%

-00
4.36%-00
4.63%-00
8.30%

-0
29.56%-0
30.76%-0
39.36%

2004

NET
GROSS
Primary Benchmark (a)

-0
16.92%-0
17.15%-0
11.70%

-00
0.47%-00
0.70%-00
1.76%

00
-3.15%00
-2.93%00
-1.95%

-00
5.07%-00
5.29%-00
6.85%

-0
19.54%-0
20.57%-0
19.07%

2003

NET
GROSS
Primary Benchmark (a)

0
-15.65%0
-15.52%00
-8.40%

-0
30.42%-0
30.66%-0
16.66%

-0
13.06%-0
13.25%-0
11.69%

-00
8.20%-00
8.43%-00
7.08%

-0
34.59%-0
35.55%-0
27.81%

2002

NET
GROSS
Primary Benchmark (a)

-00
9.72%-00
9.97%-00
8.23%

00
-9.19%00
-8.94%0
-10.49%

0
-20.24%0
-20.00%0
-17.24%

-00
4.93%-00
5.18%00
-2.21%

0
-16.62%0
-15.73%0
-21.59%

2001

NET
GROSS
Primary Benchmark (a)

-00
5.90%-00
6.09%00
-4.13%

-0
11.01%-0
11.25%-00
6.19%

0
-17.71%0
-17.51%0
-21.17%

-00
7.33%-00
7.75%-0
10.78%

-00
3.83%-00
4.90%0
-11.09%

2000

NET
GROSS
Primary Benchmark (a)

-00
4.46%-00
4.73%-00
7.46%

-00
0.33%-00
0.41%00
-1.37%

-00
2.28%-00
2.47%-00
2.09%

00
-6.41%00
-6.24%0
-11.43%

-00
0.32%-00
1.03%00
-4.16%

Composite Characteristics

THROUGH 31 March 2020 | REPORTING CURRENCY: eur

Year

#Accts

Assets
(mil)

Total Firm
Assets (mil)

2020

-000,0
13

-000,
570

-0
13,386

2019

-000,0
11

-000,
810

-0
19,101

2018

-000,0
18

-00
1,078

-0
19,300

2017

-000,0
29

-00
2,107

-0
21,278

2016

-000,0
33

-00
1,966

-0
21,771

2015

-000,0
29

-00
1,408

-0
19,036

2014

-000,0
37

-000,
970

-0
17,124

2013

-000,0
15

-000,
452

-0
15,580

2012

-000,0
19

-000,
302

-0
16,819

2011

-000,0
17

-000,
205

-0
20,538

2010

-000,0
19

-000,
242

-0
28,820

2009

-000,0
22

-000,
177

-0
29,422

2008

-000,0
25

-000,
159

-0
29,041

2007

-000,0
29

-000,
332

-0
57,058

2006

-000,0
36

-000,
457

-0
65,152

2005

-000,0
43

-000,
227

-0
86,042

2004

-000,0
52

-000,
474

-0
72,340

2003

-000,0
51

-000,
337

-0
60,255

2002

-000,0
55

-000,0
50

-0
49,360

2001

-000,0
50

-000,0
21

-0
69,627

2000

-000,0
65

-000,0
64

-0
53,972

THROUGH 31 March 2020 | REPORTING CURRENCY: eur

The results for individual accounts and for different periods may vary. Investors should not rely on prior performance results as a reliable indication of future results. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance.

The Brandes International Small Cap Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers with equity market capitalizations of $2.5 billion or less at the time of purchase. Generally, no more than 30% of the value of the composite’s total assets, measured at the time of purchase, may be invested in securities of companies located in emerging and frontier countries markets throughout the world. Small capitalization securities involve greater issuer risk than large capitalization securities, and the markets for such securities may be more volatile and less liquid.

(a) The S&P Developed Ex U.S. SmallCap Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States. The benchmark returns are not covered by the report of independent verifiers.

Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.

Documents

Non-U.S. dollar composite and benchmark returns shown with the following strategies were calculated and converted using the exchange rate fluctuations between the two currencies of the stated U.S. dollar returns: Asia Pacific (ex-Japan) Equity, Corporate Focus Fixed Income, Global Opportunities Value, Global Small Cap Equity, Global Small-Mid Cap Equity, International Equity, International Small Cap Equity, International Small-Mid Cap Equity, U.S. Small Cap Value Equity, U.S. Small-Mid Cap Value Equity. Non-U.S. dollar composite returns shown with the following strategies were calculated and converted using the exchange rate fluctuations between the two currencies of the stated U.S. dollar returns: Emerging Markets Equity, European Equity, Global Equity, Japan Equity, U.S. Value Equity.

The information and materials in this site are not intended to and shall not constitute an offer to buy or sell shares or provide advisory management services in any jurisdiction where such activity is unlawful and must not be treated as such. Access to and use of this web site is provided on the following Terms and Conditions. Brandes Investment Partners (Europe) Limited is regulated by the Central Bank of Ireland, its offices are located at 36 Lower Baggot Street, Dublin 2, Ireland and its registration number in Ireland is 510203.